Latest News- Sports Betting Market: Online is expected to lead the Platform segment during 2025-2029

The Sports Betting Market is being driven by Digital revolution

The Sports Betting Market is expected to grow at a CAGR of 12.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 221.1 billion. The global sports betting market is experiencing significant growth due to the increasing influence of advanced technologies, including blockchain, virtual reality, and artificial intelligence, particularly machine learning tools. Vendors in this sector are allocating substantial investments towards machine learning methods, which have demonstrated impressive capabilities in predictive analysis. Machine learning algorithms and models leverage real-time data from diverse sources, such as player statistics, weather conditions, and fan sentiment, to generate accurate predictions and enhance betting efficiency. This technological advancement is driving consumer demand and fostering market expansion throughout the forecast period.

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

Platform
- Online
- Offline
Type
- Basketball
- Horse riding
- Football
- Others
Betting Type
- Fixed Odds Wagering
- Exchange Betting
- Live/In-Play Betting
- eSports Betting
Geography
- APAC
  - China
  - India
  - Japan
- Europe
  - Germany
  - UK
  - France
  - Italy
- North America
  - Canada
  - US
- South America
- Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:

Digital revolution
Increasing commercialization of sports events
Legalization of sports betting

However, the market also witnesses some limitations, which are as follows:

Stringent government regulations and restrictions
Scandals and illegal practices in betting
Socioeconomic impact of sports betting

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Market Scope in Sports Betting Market Research Report

Market Scope
Report Coverage	Details
Page number	201
Base year	2024
Historic period	2019-2023
Forecast period	2025-2029
Growth momentum & CAGR	Accelerate at a CAGR of 12.6%
Market growth 2025-2029	USD 221.1 billion
Market structure	market_structure.ucfirst
YoY growth 2024-2025(%)	11.0
Key countries	US, China, Germany, Italy, Australia, Canada, India, UK, Japan, and France
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

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Research Analysis Overview

The sports betting market encompasses various types of sports, including Baseball, Basketball, Cricket, NFL, Horse Racing, Tennis, and more, catered by leading betting sites on digital platforms. With the convenience of mobile devices and wireless connectivity, smartphone users can now engage in online betting on Sports Type like Basketball, Football, Cricket, etc., surpassing Casino Gambling. DataReportal reveals an increasing trend in Virtual Reality and Platforms like Uplatform, enhancing the betting experience.

Market Research Overview

In the sports betting market, regulatory bodies issue various licenses to ensure a fair and crime-free gambling environment. For on-location casinos, obtaining an operating license is essential to legally operate specific gambling facilities. A premises license or non-remote casino operating license is mandatory for casinos offering gambling services from fixed premises. This license guarantees the legality of the gambling premises. Separate licenses are required for combined casino operations involving both non-remote and remote activities. Individuals holding management positions in a casino must secure personal management licenses, while those performing specific functions need personal functional licenses. These licenses contribute significantly to maintaining a regulated and legitimate gambling industry.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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